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BOSTON – Massachusetts homeowners have received more than $637 million in total consumer relief during the first full year since the National Mortgage Settlement, Attorney General Martha Coakley said last week.
In a news release, Coakley’s office said that the five major banks involved in the settlement – Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and GMAC/Ally – have provided $50 billion in nationwide consumer mortgage relief since March 1, 2012.
During the first quarter of 2013, Massachusetts homeowners received more than $40 million in first-lien principal write-downs, almost $27 million in second-lien extinguishments and $14 million in estimated consumer relief from completed refinances. The data shows that a total of 8,823 homeowners in Massachusetts have received consumer relief under the settlement, including principal reductions, loan modifications, second-lien forgiveness and refinances of underwater mortgages, for an average of $69,180 per homeowner, which continues to lead all New England states, Coakley said.
According to the release, the self-reported bank data contains raw or aggregate numbers that have not been audited and cannot yet be used to assess the banks progress toward meeting their $20 billion dollar obligation under the terms of the settlement. Because the banks do not receive dollar-for-dollar credit for most forms of homeowner relief, they will actually provide much more relief than the $20 billion required by the national settlement.
In the settlement, Coakley was able to obtain $44.5 million in funding for the state. •